An independent review into governance, culture and accountability at consulting giant PwC has singled out the "excessive power" of the firm's chief executive and poor practices which went "unexamined and uncorrected" for years.

PwC Australia will appoint outsiders to its board and publish audited financial statements as part of a governance overhaul to bring the partnership closer to public company standards following a scandal over the leak of confidential tax documents.

Embattled consulting giant PwC will today announce a major overhaul of governance, culture and accountability when it releases a long-awaited independent review into a tax leak scandal that has badly damaged the firm's reputation.

A long-awaited review into the culture of PricewaterhouseCoopers has revealed seven key shortcomings within the firm, including an aggressive growth agenda which drove a "whatever it takes" attitude, and a hesitancy to discuss "bad news".

PwC Australia’s “aggressive growth agenda” has overshadowed the firm’s values, and it needs to build a better risk framework, and have “greater introspection” and “humility” to restore trust in the firm,

PwC Australia said its risk controls were inadequate and its board didn’t challenge the firm’s leadership enough, following a months-long independent inquiry into malpractice.

PwC Australia is implementing significant governance reforms in the wake of a scandal involving the leak of confidential tax documents.